Business News

Kerala: Four killed after being hit by train

Business News - November 2, 2024 - 5:22pm
Palakkad: Four sanitary workers, including two women from Tamil Nadu, were killed after being hit by the Thiruvananthapuram-bound Kerala Express near Shoranur Railway Station on Saturday evening, the Railway police said. The New Delhi-Thiruvananthapuram train struck the workers around 3.05 pm while they were clearing garbage from the railway track near Shoranur bridge, located a few kilometers from the railway station. The workers, contracted by the Railways for sanitation duties, were thrown from the track due to the collision's impact. While three bodies were retrieved from the area, efforts are being made to locate the fourth, which is suspected to have fallen into the Bharathapuzha River, police said. A team from the Railway Police reached the spot. "The workers may not have noticed the approaching train, which resulted in the accident, but further investigations are underway," said an officer with Shoranur Railway Police.
Categories: Business News

Small and midcap stocks rally up to 44% in one week amid existing market weakness

Business News - November 2, 2024 - 3:50pm
Amid an overall weak market sentiment, individual small and midcap stocks enjoyed their northward rally with shares of WPIL Ltd surging by as high as 44.16% in just one week.Shares of Prudent Corporate Advisory Services rallied 40% to close the week at Rs 3,577.65 on the BSE. The stock had gained 14.75% in the last trading session alone.Meanwhile, the shares of other smallcap stocks like AMI Organics, Syrma SGS Technology, 63 Moons Technologies and The Anup Engineering rose between 30-40% on a weekly basis.Coffee Day Enterprises, Force Motors, Poonawalla Fincorp, Mercury Ev-Tech and Poly Medicure were the companies whose shares witnessed gains between 25 to 30%.The BSE smallcap index too gained 6.3% week-on-week (WoW).Apart from this, midcap stocks also surged by 21.34% with Gillette India shares rising the highest, followed by the shares of Indian Bank, which increased by 17.2% in the same time period.Shares of Central Bank Of India, Bank Of India, JSW Infrastructure, Bank Of Maharashtra, Punjab & Sind Bank, Rail Vikas Nigam (RVNL), Bharat Heavy Electricals (BHEL), Emami, Indian Renewable Energy Development Agency (IREDA) were among other gainers in the midcap sector, that witnessed weekly gains up to 16%.Indian equity markets are currently facing pressures with Nifty50 having corrected by 8% from its peak in September.The month of October also saw a historic highest sell-off from foreign portfolio investors (FPIs), who offloaded stakes worth Rs 1,13,858 crore.On the global front, the markets will now also be responding to the US presidential elections, after which fundamentals like US GDP growth, inflation and rate cut by the Fed will influence the market moves.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Categories: Business News

Dalal Street Week Ahead: Nifty not out of the woods yet; any technical rebounds should be chased cautiously

Business News - November 2, 2024 - 3:31pm
Over the past five sessions, the Nifty largely consolidated but did so with a bearish undertone. The Nifty traded in a defined range and closed the week with a modest gain.Importantly, the index also stayed below its crucial resistance points. The volatility also expanded; the India VIX surged higher by 8.68% to 15.90 on a weekly basis. Given the ranged move by the markets, the trading range got narrower. The Nifty oscillated in a 363-point range; this was much less than the previous week. Following a largely consolidating but bearish setup, the headline index closed with a modest weekly gain of 123.55 points (+0.51%).114880495It was a four-day trading week as Friday just had a short one-hour symbolic ceremonial Muhurat Trading session. In the week before this one, the Nifty had breached and closed well below the 100-DMA which currently stands at 24669. The Index has also violated the 20-week MA placed at 24744. This makes the zone of 24650--24750 the most important resistance area for the markets. So long as the Nifty stays below this zone, no trending and sustainable upmove shall occur in the markets. In other words, so long as the Nifty stays below this crucial resistance zone, it remains vulnerable to continued selling pressure. The most immediate support zone for the Nifty now stands at 23900; the markets would get weaker if this level is breached on the downside.The global markets are expected to give a stronger handover; given this thing, the Indian markets may see a stable start to the week on Monday. The levels of 24450 and 24580 would act as immediate resistance points. The supports come in at 24120 and 23900.The weekly RSI stands at 51.24; it remains neutral and does not show any divergence against the price. The weekly MACD is bearish and trades above the signal line.The pattern analysis of the weekly charts shows strong momentum on the downsides for Nifty. The 20-DMA is showing a steep decline; it has already crossed below the 50- DMA and it is about to cross below the 100-DMA as well. This indicates strong selling pressure and has increased the possibility of the Nifty staying in an intermediate downtrend for some more time. The resistances have been dragged lower; technical rebounds, as and when they happen, would find resistance between 24650-24750 levels.All in all, even if the Nifty gets a stable and firm start to the week, it is not out of the woods as yet. Any technical rebounds, as and when they take place, should be chased very cautiously. All up moves shall face resistance at the levels of 24600 and higher; there is a greater likelihood that these rebounds are likely to get sold into at higher levels. It is strongly recommended that leveraged positions must be kept at modest levels and all profits on either side must be guarded vigilantly. A highly cautious approach is advised for the coming week.In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.114880506114880537Relative Rotation Graphs (RRG) do not show any major change in the sectoral setup.The Nifty Pharma, Services Sector, IT, and Consumption Indices are inside the leading quadrant of the RRG. Even though a couple of them are slowing down in their relative momentum, these groups are likely to relatively outperform the broader markets.The Nifty FMCG and Midcap 100 index are the only two groups inside the weakening quadrant; they may also continue to slow down on their relative performance against the broader markets.The PSU Bank Index, Realty, Infrastructure, Media, PSE, Auto, Energy, and Commodities indices are inside the lagging quadrant. Among these, the Energy, Auto, PSE, and Media Index may relatively underperform the broader markets. The rest are improving sharply on their relative momentum and may eventually improve their relative performance against the broader market.The Nifty Bank, Metal, and Financial Services index are inside the improving quadrant and may continue improving their relative performance against the broader markets.Important Note: RRGTM charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based in Vadodara. He can be reached at milan.vaishnav@equityresearch.asia
Categories: Business News

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